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<br />EXTRACT OF MINUTES OF A MEETING OF <br />THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: September14,2006 <br /> <br />Pursuant to due call and notice thereof, a special or regular meeting of the City Council <br />of the City of Elk River, Minnesota, was called and held at the City Hall on September 14, 2006, <br />at 5 :00 o'clock P.M. <br /> <br />The following members were present: Klinzing, Motin, Farber, Dietz <br /> <br />and the following were absent: Gumphrey <br /> <br />The City Clerk presented affidavits of posting and publication of a Notice of Special <br />Election held in accordance with the resolution adopted on July 17, 2006, authorizing said <br />election to vote on the question ofthe Economic Development Authority of the City of Elk River <br />issuing bonds in an amount not to exceed $12,000,000, secured by the pledge of the City's full <br />faith, credit and resources to defray the expense of the acquisition and betterment of a <br />recreational facility to be owned by the EDA and leased to the YMCA of Metropolitan <br />Minneapolis, and also presented the official returns of the judges of election. Said affidavits and <br />returns were duly examined, approved and ordered placed on file in the office of the City Clerk. <br /> <br />Member <br />adoption: <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION NO. 06- <br /> <br />RESOLUTION CANV ASSING RETURNS OF ELECTION <br /> <br />BE IT RESOLVED by the City Council of the City of Elk River, Sherburne County, <br />Minnesota (the "City"), that it is hereby found, determined and declared that the special election <br />held in and for the City on September 12,2006, was in all respects duly and legally called and <br />held and the returns thereof have been duly canvassed, and the votes cast at said election for and <br />against the following question were as follows: <br /> <br />"Shall the City of Elk River, Minnesota, be authorized to pledge its full faith, <br />credit and resources to bonds to be issued by the Economic Development <br />Authority of the City of Elk River in an amount not to exceed $12,000,000 to <br />defray the expense of the acquisition and betterment of a recreational facility <br />owned by the Authority and leased to the YMCA?" <br /> <br />1931260vl <br />